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Varonis Systems
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Latest analysis
Updated Nov 4, 2026
Thoma Bravo agrees to acquire Varonis at $49.75/share as SaaS ARR surges 42% YoY to $774.6M, validating completed platform transition
Varonis's Q3 2026 10-Q is defined by a single post-period event: on October 15, 2026, Thoma Bravo agreed to acquire the company for $49.75 per share in an all-cash transaction, with closing expected in H1 2027. The underlying operating performance supports the take-private rationale — SaaS ARR reached $774.6 million as of September 30, 2026, up 42% year-over-year, with SaaS now representing 97.7% of Q3 revenues as the self-hosted end-of-life (December 31, 2026) approaches completion. The acquisition of AllTrue.ai in February 2026 extended the platform into AI system security, positioning Varonis at the intersection of data security and AI governance at the moment enterprise demand for that category is accelerating.
Tone: bullishRevenue
$623.5M
VRNS 10-K · FY 2025
Employees
2,658
Revenue growth YoY
+13%
Founded
2004
Profile
VRNS 10-K Item 1 · Feb 4, 2026Varonis Systems is a data security company that protects enterprise data across cloud, SaaS, and on-premises environments through a unified SaaS platform. The platform automates data discovery, classification, access governance, threat detection, and response. Varonis serves organizations across more than 95 countries, with a primary focus on larger enterprises.
Read filing description ↓ Collapse description ↑
Varonis is a data security company focused on protecting what matters most to organizations: their data. Modern enterprises run on data that is created, copied, shared and accessed across cloud services, SaaS applications and on-premises environments, often faster than security teams can see, understand or control. We started Varonis around a simple observation that we believe has only intensified over time: the ability to create and share data scales far faster than the ability to secure it. Our strategy is built around closing that gap, giving organizations the deep visibility and automated controls to deeply understand their enterprise data, reduce exposure and respond to threats quickly, wherever their data lives. Cloud transformation and artificial intelligence initiatives are pushing data into more systems, across more environments and making it accessible to more users, applications and AI agents. As adoption of software-as-a-service and infrastructure-as-a-service has accelerated collaboration and productivity, it has also expanded and fragmented the enterprise data footprint. In many organizations, data security controls have not kept pace, increasing the likelihood that misconfigurations or credential compromise can lead to significant data exposure, threats and regulatory penalties. We believe the adoption of AI materially raises the stakes for security and risk. Copilots, agents and automated workflows are now embedded in widely used enterprise platforms such as Microsoft 365, Salesforce, Google Workspace and Box and they increasingly act on data at machine speed. Our platform has expanded from an initial focus on Windows file shares to cover a broad range of mission-critical cloud and on-premises data stores, cloud infrastructure environments, identity repositories, and key SaaS and AI applications. In 2022, we introduced the Varonis Data Security Platform as a SaaS offering to simplify deployment, accelerate time-to-value, and enable continuous cloud-delivered automation for protecting data.
Primary products
- Varonis Data Security Platform (SaaS)
- Managed Data Detection and Response (MDDR)
- Varonis Database Activity Monitoring (DAM)
- Varonis Interceptor
- Athena AI
- On-Premises Subscription Products
End markets
Geographies
Named competitors
“We believe our competitive position is strengthened by the breadth of environments we support and by our ability to deliver automated outcomes across data security, threat detection and response, and privacy and compliance within a single platform.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew approximately 13% for the year ended December 31, 2025 compared with the year ended December 31, 2024, despite revenue recognition accounting treatment variations associated with the increase in SaaS sales and existing customer conversions to SaaS.
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